Cuba Reaches Deal to Pay $2.6 Billion in Arrears to Paris Club

Deal calls for $4 billion of Cuba’s debt to be forgiven

PARIS––Cuba has reached a deal with its creditors where the county will pay $2.6 billion in arrears over an 18-year period while $4 billion of its debt will be forgiven.

The deal comes after months of negotiations between the Communist nation and the Paris Club, an informal group of developed creditor nations. The talks stem from Cuba’s lingering $16 billion debt which it defaulted in 1986.